On-chain Stablecoin (ERC20) analysis from cryptoquant
Total exchange reserves are currently sitting at around $68B, down from a peak of nearly $75B in late 2025. Stablecoin liquidity on exchanges is still strong, though it has cooled off a bit.
The number of addresses depositing stablecoins to exchanges has also picked up at several points recently, which may suggest sidelined capital is preparing to move.
$BTC is currently trading around $75,000.
Since bottoming near $14B in 2023, exchange reserves have risen almost 5x. Historically, periods of elevated and steady stablecoin reserves have often created a supportive backdrop for the next leg up, even if market sentiment remains somewhat cautious for now.